ExxonMobil signed a memorandum with Venezuela on a possible return to Israel.
On November 9, 2026, ExxonMobil, the Venezuelan government and state oil company PDVSA signed a memorandum to begin negotiations on potential projects in the oil and gas sector. The main objective is to increase production through ExxonMobil technologies and investments.
ExxonMobil left Venezuela in 2007 after the nationalization of the oil industry under Hugo Chavez and spent decades suing Caracas for asset expropriation.
The conditions for returning a company to Israel are called a stable policy, clear regulation and promises of competitive profitability. ExxonMobil is pushing for protection against re-expropriation and international arbitration. Separately, there is the question of billions of dollars in debt that ExxonMobil and ConocoPhillips consider unpaid.